I hold ISY so it was no bad thing to read this announcement yesterday:

Australian Stock Exchange Limited ELS006.2003
Company Announcement Office
Electronic Lodgement System

18 July 2002

Dear Sir/Madam

J. BLACKWOOD & SON LTD

The Board of Directors of IPT Systems Limited (“IPT” or “the Company”) is pleased to report to
shareholders that the Company’s wholly owned subsidiary, Synergy Business Solutions Australia
Pty Ltd (“SYNERGY”), has formally executed a contract to provide a Purchase Order Delivery
Solution for J. Blackwood and Son Ltd (“Blackwoods”), a division of the Wesfarmers Group.
As previously reported in the Third Quarter Activities Report for the period ended 31 March 2002
(as announced to the ASX on 30 April 2002), SYNERGY management continues to focus on
offering commercial solutions to groups of companies where conversion to paperless transaction
and settlement systems will yield the greatest operational and financial gains for those
organisations. As a result of the adoption of this strategy, SYNERGY is targeting vertically and
horizontally integrated conglomerates and diversified companies both at a national and
international level. Blackwoods is such a company. The contract will allow the Blackwoods
organisation to leverage off SYNERGY's technological and organisational expertise. i.e. by
providing a business solution that can be transferred to other business units within the group, thus
allowing for cross-enterprise costs savings, improved customer ownership and retention as well as a
range of other benefits.

The Blackwoods organisation commercial requirement of the Purchase Order Delivery Solution is
to facilitate the “purchase order delivery process” between Blackwood’s branches and their
wholesale suppliers. Purchase orders created by Blackwood’s branches are delivered to
Blackwood’s suppliers via the SYNERGY DataCentre using SYNERGY TradeCentre components
in real time, with order delivery confirmation and error reporting.

SYNERGY in conjunction with Blackwoods and the Deloitte Touche Tohmatsu Management
Solutions Team, defined the scope and functional specification of the Purchase Order Delivery
Solution. This included analysis of the Blackwoods group business requirement, impact on existing
process and methodology for exchange of data between its Enterprise Resource Planning (“ERP”)
system (“Backoffice”) and the SYNERGY TradeCentre.

Pre-development, development and pre-operational verification of the Purchase Order Delivery
Solution is scheduled for user (Blackwoods) acceptance signoff by Friday 23 August 2002,
thereafter rollout to Blackwood’s branches commences. SYNERGY is being paid a commercial fee
for development services.

The generation of Blackwood’s transaction revenue to SYNERGY for the Purchase Order Delivery
Solution, will commence post user acceptance signoff by Blackwoods. Initial estimates indicate the
Blackwoods group will process approximately 900,000 transactions per annum. Furthermore, as
supply chain integration across the Blackwoods group progresses and additional functionality from SYNERGY is introduced, significant transaction growth is anticipated.

The revenues from this contract will assist SYNERGY in its stated aim to reduce the rate of
depletion of its cash reserves.

Yours faithfully

Ronald Moir
MANAGING DIRECTOR